As of Tuesday, HUD’s Mortgage Review Board is suspending Houston-based Allied Home Mortgage Corporation from originating or underwriting new mortgages insured by the Federal Housing Administration (FHA), and Ginnie Mae is suspending the lender from issuing securities in its mortgage-backed securities program. HUD also suspended James C. Hodge, Allied’s president and CEO and may debar Hodge and Jeanne L. Stell, EVP of Allied Home Mortgage. At the same time, the U.S. Attorney in Manhattan is pursuing a lawsuit against Allied, Hodge, and Stell for fraud and violations of FHA requirements.
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